HSH Nordbank Term Loan to Šiaulių Bankas

On 24th September 2003, Šiaulių Bankas signed EUR 3 million term loan agreement with HSH Nordbank AG. It is a one-year facility with an extension option.

The facility is meant for general financing and the funds can be used at the bank’s discretion. Šiaulių Bankas is going to employ the funds in its main sphere of activities – to finance small and medium enterprises (SMEs) and regional projects. Enterprises are going to be granted loans to support their working capital and to finance production, construction, trade or services investment projects.Algirdas Butkus, Šiaulių Bankas’ Chairman of the Board, says “I hope the signed agreement signals a start of a long-term relationship between HSH Nordbank AG and Šiaulių Bankas. This loan is a vote of confidence in the successful future of Šiaulių Bankas, given by a prime European bank”.

Michael Hoffmann, HSH Nordbank Representative for Baltic Countries and CIS, said: “Šiaulių Bankas has a built a good name in the Lithuanian market and has grown successfully during the recent years.”

Šiaulių Bankas closely cooperates with international financial institutions. European Bank for Reconstruction and Development and Šiaulių Bankas has signed a EUR 5 million loan agreement for financing small and medium business in Lithuania. Šiaulių Bankas also cooperates with Nordic Investment Bank and Council of Europe Development Bank in financing women-entrepreneurs business in Lithuania.

Šiaulių Bankas is the largest locally-owned bank in Lithuania. Its total assets stood at LTL 531 million on September 1st, 2003. The net value of the loan portfolio of the Bank increased by 86% since the beginning of the last year, reaching LTL 307 million. A nationwide network of Šiaulių Bankas’ branches offers the customers quick and convenient services via 38 branches and client servicing centres in 22 towns of the country.